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CAMAC Energy Inc. has signed petroleum exploration, development and production licenses with the Republic of Gambia in West Africa for two previously awarded offshore exploration blocks, A2 and A5. The blocks, which are contiguous, cover a combined area of approximately 2,666 sq km and are in water depths of between 600 m (1,968 ft) and 1,000 m (3,280 ft).
CAMAC Energy is the operator with 100% interest in each block. The Gambia National Petroleum Co. (GNPC) has the right to elect to participate up to a 15% interest, following approval of a development and production plan. The company is responsible for all expenditures prior to such approval even if the GNPC elects to participate. During the initial four-year exploration phase, CAMAC Energy will conduct surveys, acquire and interpret 2D and 3D seismic data, identify prospects for future drilling and drill one exploration well on each of the blocks.
Segun Omidele, senior vice president of exploration and production, commented, “With these two blocks in Gambia, the four blocks in Kenya announced earlier this month, and our position in deepwater Nigeria, CAMAC Energy is now a significant participant in highly prospective oil and gas basins in both East and West Africa. Our exploration and development programs in these areas have the potential to create substantial value for our investors, our host countries and other stakeholders. In addition, we will continue to strategically pursue opportunities to add to our exploration portfolio in both East and West Africa.”